Editor’s note: This blog post was originally written by Bridget Quigg in 2011 and updated in July 2022. An effective total compensation strategy is critical to every company’s ability to attract and retain the right talent. As the workplace gets more competitive, organizations are recognizing the value of having the right person in place to help them craft and oversee these strategies.To take advantage of these opportunities, many human resource leaders are earning their Certified Compensation Professional (CCP) designation and seeing their careers benefit.
What is a Certified Compensation Professional?
A CCP is a designation that ensures an individual has the proven skills required to integrate compensation programs with business strategy, design and administer pay programs, and ensure these comply with regulatory requirements.The certification proves that the compensation professional has completed the coursework and passed the exams required to earn the designation, much like an attorney has to pass the Bar exam, and an accountant has to pass a CPA exam to earn those designations.While this certification is not required to work in the compensation field, it is a notable differentiator, and one that more organizations are seeking out in the comp professionals they hire.
How do you get certification?
You can earn your CCP through various programs, but the one offered by WorldatWork, a human resources association, is considered by many to be the gold standard.It’s important to note that earning a “certific8ate” and getting “certification” are two very different things. Individuals can earn a certificate after completing a certain course or a number of courses, but to become certified, that individual has to pass all 10 of the required exams, with a score of 75 or higher on each.These exams cover a wide range of topics, including:
- Job analysis
- Base pay administration
- Market pricing
- Accounting
- Regulatory compliance
- Variable pay
- Quantitative analysis
To prepare for the exams, compensation professionals must complete specific coursework, which they can opt to do via traditional classroom, through virtual learning, or use pre-recorded materials for an online, self-study option.The amount of time it takes to complete certification depends on how much time the candidate has to devote to the coursework and examinations. Most candidates who work full time take several years to earn the certification, spreading out the time spent as well as the costs for those courses and exams.
How much does becoming a CCP cost?
Certification costs can range from $5,000 to $15,000, depending on types of courses taken (in person or online) and where they are located, and how many times the individual needs to take each test to pass.The good news is, some employers offer partial or total reimbursement as an employee incentive or as part of its performance management training.
How long does the CCP designation last?
CCP accreditations are valid for three years. The compensation professional can become recertified by accumulating 12 continuing education units (CEUs) in at least two categories, or through re-examination.What are the benefits of becoming a Certified Compensation Professional?Although it’s not an easy process, in terms of salary and career growth, most HR professionals agree that obtaining the CCP is definitely worth the effort. Payscale surveys conducted from 2003-2018, including responses from 100,000 U.S.-based HR professionals, indicate that a compensation professional who is certified can expect to earn 9.7 percent more than a professional without certification. This result was measured through statistical analysis that factored in such variables as job title, years of experience and location. Having a CCP certification is proof that the employee has acquired the knowledge and skills to effectively manage compensation programs. This gives CCPs a competitive advantage, positions them for promotions, and provides the extra knowledge to help them make a positive impact for their organizations for years to come.[payscale-cta]
